The UK’s inflation rate fell to its lowest level in almost two years in January, according to the latest figures released by the Office for National Statistics (ONS).
Falling from 2.1% in December to 1.8%, inflation is now 0.2% below the Bank of England’s target.
Experts are saying that this will lead to less financial pressure on households and will provide a small boost in buyer confidence and for developers in the property market.
There has been slow disproportionate price growth in areas around the UK, with units difficult to shit, and whilst the property market continues to slow, that picture is being slightly skewed by London, with many regional markets returning to normality.
Today’s inflation figures released by the Office for National Statistics (ONS) said that the largest contribution to the downward trend in the consumer prices index (CPI) came from electricity, gas, and other fuels with prices falling between December and January compared to rising a year ago.
The drop in prices also coincided with the introduction of an energy price cap by regulator Ofgem.